MAG UK Limited, the Chairman and the Directors have publicly stated a variety of official reasons for voluntarily placing the company into insolvency. On the basis of these statements and Managerial actions throughout the case, an investigation into the insolvency is underway.
Statement by the Chairman, John Mitchell, published in 100% Biker magazine issue 182.
Reason: To comply with Companies House rules.
Statement by the Board and National Committee published in The ROAD members’ magazine.
Reason: To protect the personal liability of individual members in the possible event of any claim by aggrieved parties.
Email to journalists at Visordown online magazine
Reason: Director Liversidge states the affair has meant MAG UK Limited can no longer attract donations so a new company had to be set up, but is mindful to state that MAG subscriptions to FEMA (Federation of European Motorcyclist Associations) are fully paid up and thus there are no arrears. This is contrary to the statement subsequently made to the Insolvency practitioner at the official meeting of Creditors, 6th August 2014.
Statement of Affairs presented by MAG Directors to meeting of Creditors, 6th August 2014, containing a large number of libellous accusations, proven inaccuracies and malicious falsehoods.
Reason: That the result of the Tribunal rendered the company no longer a going concern even though no settlement had been paid.